Canada's labour market picked up steam in May, adding 87,800 jobs as the unemployment rate dropped to 6.6%. The figures, released Friday by Statistics Canada, mark a solid month of hiring after a slower start to the year.
Job growth across the board
The 87,800 net new positions came from a mix of full-time and part-time work. The gains pushed total employment higher, though the agency did not break down the numbers by industry or province in its initial release. Economists had been watching for signs of cooling after several months of tepid growth, but the May report suggests the labour market still has room to run.
Unemployment rate slides
The jobless rate fell from its April level, though the precise previous figure wasn't given in the summary. A rate of 6.6% means roughly 1.38 million Canadians were still looking for work, based on a labour force of about 21 million. The decline came even as more people entered the workforce, a sign that hiring is keeping up with population growth.
The numbers don't capture everything. Wage growth, underemployment, and regional disparities are all part of the picture, and the agency is expected to release a more detailed breakdown next week.
For now, the May data provides a snapshot of an economy that's still creating jobs at a decent clip. The question for analysts and policymakers is whether that pace can hold through the summer.
